REG - AstraZeneca PLC - 1st Quarter Results
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RNS Number : 2991C AstraZeneca PLC 29 April 2026
29 April 2026
AstraZeneca results: Q1 2026
Strong revenue growth and positive readouts from high-value NMEs reinforce
confidence in 2030 ambition
Revenue and EPS summary
Q1 2026 % Change
$m Actual CER(1)
- Product Sales 14,386 12 7
- Alliance Revenue 825 29 26
Product Revenue 15,211 13 8
Collaboration Revenue 77 4 -
Total Revenue 15,288 13 8
Reported EPS ($) 1.99 6 8
Core(2) EPS ($) 2.58 4 5
Key performance elements for Q1 2026
(Growth numbers at constant exchange rates)
* Total Revenue up 8% to $15,288m, driven by double‑digit growth
in Oncology and Rare Disease
* Core Operating profit increased 12%
* Core EPS growth of 5%, reflecting the favourable tax rate in the
prior year period
* Core Tax rate of 21%. Expectations for full year Core Tax rate are
unchanged at 18-22%
* Positive readouts for four high-value Phase III programmes since
Q4 2025 results, including for two NMEs: tozorakimab and efzimfotase alfa
* 14 approvals in major regions since Q4 2025 results
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
"We delivered strong growth in Q1 2026, with Total Revenue above $15 billion,
demonstrating our consistent commercial execution. We are advancing through
our catalyst‑rich period, with positive readouts for four high-value Phase
III programmes since our last quarterly results, including first pivotal data
for two key NMEs - tozorakimab in COPD and efzimfotase alfa in
hypophosphatasia.
We continue to invest in our commercial capabilities as we prepare for
multiple launches, look forward to further readouts anticipated this year, and
remain on track to achieve our ambition for 2030 and beyond."
http://www.rns-pdf.londonstockexchange.com/rns/2991C_1-2026-4-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2991C_1-2026-4-28.pdf)
Guidance
AstraZeneca reconfirms Total Revenue and Core EPS guidance(3) for FY 2026 at
CER, based on the average foreign exchange rates through 2025.
Total Revenue is expected to increase by a mid-to-high single-digit percentage
Core EPS is expected to increase by a low double-digit percentage
The Core Tax rate is expected to be between 18-22%
If foreign exchange rates for April 2026 to December 2026 were to remain at
the average rates seen in March 2026, it is anticipated that Total Revenue in
FY 2026 would benefit from a low single-digit percentage positive impact
(unchanged) compared to the performance at CER, and Core EPS growth would be
broadly similar (unchanged) to the growth at CER.
Results highlights
Table 1: Milestones achieved since the prior results announcement
Phase III and other registrational data readouts
Medicine Trial Indication Event
Imfinzi EMERALD-3 Locoregional HCC Primary endpoint met
Imfinzi + Orpathys SAMETA MET+ advanced papillary renal cell carcinoma Primary endpoint not met
tozorakimab OBERON COPD Primary endpoint met
tozorakimab TITANIA COPD Primary endpoint met
tozorakimab MIRANDA COPD Primary endpoint met
tozorakimab PROSPERO COPD Primary endpoint not met
Breztri ATHLOS COPD Primary endpoint met
efzimfotase alfa MULBERRY HPP (paediatric, treatment-naïve) Primary endpoint met
efzimfotase alfa CHESTNUT HPP (paediatric, switch from Strensiq) Primary endpoint met
efzimfotase alfa HICKORY HPP (adults, adolescents, treatment-naïve) Primary endpoint not met
Ultomiris I CAN IgAN Primary endpoint met
Ultomiris ARTEMIS CSA-AKI Discontinued due to inconsistent efficacy
Regulatory approvals
Medicine Trial Indication Region
Calquence AMPLIFY 1L CLL (fixed duration) US
Enhertu DESTINY-Gastric04 2L HER2+ gastric/GEJ cancer JP
Enhertu DESTINY-PanTumor02 HER2-positive solid tumours JP
Enhertu DESTINY-Breast11 Neoadjuvant HER2+ Stage II or III breast cancer CN
Imfinzi MATTERHORN Resectable gastric/GEJ cancer EU
Imfinzi HIMALAYA 1L HCC CN
Imfinzi POSEIDON 1L NSCLC CN
Breztri KALOS / LOGOS Asthma US
Saphnelo TULIP-SC SLE (subcutaneous) JP, US
Tezspire WAYPOINT Chronic rhinosinusitis with nasal polyps JP, CN
Tezspire DIRECTION Severe asthma CN
Koselugo KOMET Adult NF1-PN CN
Regulatory submissions or acceptances* in major regions
Medicine Trial Indication Region
Calquence AMPLIFY 1L CLL (fixed duration) JP
Calquence ECHO 1L MCL CN
Enhertu DESTINY-Breast05 High-risk HER2+ early breast cancer (post-neoadjuvant) US, EU, JP, CN
Enhertu DESTINY-PanTumor03 HER2-expressing solid tumours CN
Datroway TROPION-Breast02 1L TNBC for patients where immunotherapy is not an option JP
baxdrostat BaxHTN / Bax24 / BaxAsia Treatment resistant hypertension CN
* US, EU and China regulatory entries in this table denote filing acceptance
Other pipeline updates
For recent trial starts and anticipated timings of key trial readouts, please
refer to the Clinical Trials Appendix document in the financial results
section of the AstraZeneca investor relations website:
www.astrazeneca.com/investor-relations.html
(https://www.astrazeneca.com/investor-relations.html)
Table 2: Key elements of financial performance: Q1 2026
For the quarter Reported Change Core Change
ended 31 March $m Act CER $m Act CER
Product Revenue 15,211 13 8 15,211 13 8 * See Tables 3, 7, 25 and 26 for further details of Product Revenue, Product
Sales and Alliance Revenue
Collaboration Revenue 77 4 - 77 4 - * See Tables 4 and 27 for further details of Collaboration Revenue
Total Revenue 15,288 13 8 15,288 13 8 * See Tables 5 and 6 for Total Revenue by Therapy Area and by region
Gross Margin (%) 82 -1pp +1pp 83 -1pp +1pp * Variations in Gross Margin can be expected between periods due to various
factors, including fluctuations in foreign exchange rates, product seasonality
and Collaboration Revenue
R&D expense 3,492 11 7 3,461 12 8 * Core R&D: 23% of Total Revenue
+ Accelerated recruitment in ongoing trials
+ Investments in transformative technologies such as IO bispecifics, cell
therapy and antibody drug conjugates
+ Addition of R&D projects from business development
+ Positive data readouts for high value pipeline opportunities that have
ungated large late-stage trials
SG&A expense 4,920 10 6 3,859 12 7 * Core SG&A: 25% of Total Revenue
+ Investment to support ongoing and future launches
Other operating income and expense(4) 189 67 65 189 65 63 + Various partner milestones
Operating profit 4,246 16 17 5,352 11 12
Operating Margin (%) 28 +1pp +2pp 35 - +1pp
Net finance expense 320 20 16 281 30 26 + Prior year Net finance expense benefitted from adjustments relating to
settlements with tax authorities
Tax rate (%) 21 +7pp +7pp 21 +5pp +5pp * Prior year benefitted from the release of tax liabilities following
settlements with tax authorities
* Variations in the tax rate can be expected between periods
EPS ($) 1.99 6 8 2.58 4 5
For dollar values in this table, the unit of change is percent. For Gross
Margin, Operating Margin and Tax rate, the unit of change is percentage points
(pp).
In the table above, R&D expense, SG&A expense and Net finance expense
are displayed as positive numbers. The plus and minus symbols next to comments
denote the directional impact of the item being discussed. For example, a plus
symbol next to a comment about an R&D item indicates that the item
increased R&D expenditure relative to the prior year period.
Corporate and business development
Jacobio Pharma
In March 2026, Jacobio Pharma announced that it had received an upfront
payment of $100m from AstraZeneca. The payment was made in accordance with the
collaboration and license agreement announced in December 2025 for
JAB‑23E73, an investigational oral pan‑KRAS inhibitor.
Pinetree
In April 2026, AstraZeneca exercised its option to obtain an exclusive global
license from Pinetree Therapeutics, Inc. (Pinetree) to develop and
commercialize PTX-299, a first-in-class bispecific antibody degrader targeting
EGFR. The option exercise triggers a $25m payment to Pinetree. Pinetree is
also eligible to receive potential future development, regulatory, and
commercial milestone payments and tiered royalties on global net sales if the
product is successfully developed and commercialized. The total potential
value of the agreement exceeds $500m.
CSPC
In April 2026, AstraZeneca closed the previously announced new strategic
collaboration agreement with CSPC Pharmaceuticals to advance the development
of multiple next-generation therapies for obesity and type 2 diabetes.
AstraZeneca will pay an upfront payment of $1.2bn. See Note 5 for further
details.
Sustainability highlights
The Company released its third Sustainability Impact Publication
(https://www.astrazeneca.com/sustainability/resources/pdf.html?pdfPath=https://www.astrazeneca.com/content/dam/az/Sustainability/2026/pdf/AZ-Sustainability-Impact-Publication-2026.pdf)
which includes its Sustainability achievements to date, updated 2030
Sustainability targets and case studies from across the enterprise on climate
and nature action, health equity and health systems resilience.
Reporting calendar
The Company intends to publish its H1 and Q2 2026 results on 27 July 2026.
Conference call
A conference call and webcast for investors and analysts will begin today,
29 April 2026, at 14:30 UK time. Details can be accessed via astrazeneca.com
(https://www.astrazeneca.com/investor-relations.html) .
Reporting changes since FY 2025
The therapy area formerly referred to as 'Vaccines and Immune Therapies' is
now titled 'Infectious Disease'.
The updated title aligns with the naming convention of AstraZeneca's other
therapy areas, which are named after the scientific fields in which they
operate
Notes
1. Constant exchange rates. The differences between Actual Change and CER
Change are due to foreign exchange movements between periods in 2026 vs. 2025.
CER financial measures are not accounted for according to generally accepted
accounting principles (GAAP) because they remove the effects of currency
movements from Reported results.
2. Core financial measures are adjusted to exclude certain items. The
differences between Reported and Core measures are primarily due to costs
relating to the amortisation of intangibles, impairments, legal settlements
and restructuring charges. A full reconciliation between Reported EPS and Core
EPS is provided in Table 10 in the Financial Performance section of this
document.
3. The Company is unable to provide guidance on a Reported basis because it
cannot reliably forecast material elements of the Reported results, including
any fair value adjustments arising on acquisition-related liabilities,
intangible asset impairment charges and legal settlement provisions. Please
refer to the Cautionary statements section regarding forward-looking
statements at the end of this announcement.
4. Income from disposals of assets and businesses, where the Group does not
retain a significant ongoing economic interest, is recorded in Other operating
income and expense in the Group's financial statements.
Revenue drivers
Table 3: Product Revenue (PR) by medicine
Q1 2026 % Change
$m % Total Actual CER
Tagrisso 1,833 12 9 5
Imfinzi 1,694 11 34 30
Calquence 923 6 21 17
Lynparza 781 5 8 2
Enhertu 831 5 40 34
Zoladex 315 2 8 2
Truqap 198 1 50 47
Imjudo 77 1 (5) (7)
Datroway 43 - >10x >10x
Other Oncology 102 1 (8) (10)
Oncology PR 6,797 45 20 16
Farxiga 2,193 14 7 (2)
Crestor 355 2 12 8
Lokelma 199 1 30 26
Seloken 180 1 12 7
Brilinta 105 1 (65) (67)
Wainua 51 - 29 28
roxadustat 43 - (45) (48)
Other CVRM 115 1 (16) (20)
Cardiovascular, Renal & Metabolism PR 3,241 21 - (7)
Symbicort 747 5 3 (1)
Fasenra 483 3 15 11
Breztri 353 2 18 13
Tezspire 303 2 40 34
Saphnelo 171 1 25 24
Pulmicort 149 1 (6) (11)
Airsupra 37 - 31 31
Other R&I 75 - (28) (30)
Respiratory & Immunology PR 2,318 15 11 7
Beyfortus 116 1 3 3
FluMist 8 - >10x >10x
Other ID 58 - (49) (53)
Infectious Disease PR 182 1 (19) (22)
Ultomiris 1,270 8 21 18
Soliris 389 3 (12) (14)
Strensiq 517 3 47 43
Koselugo 170 1 24 15
Other Rare Disease 74 - 28 18
Rare Disease PR 2,420 16 19 15
Other Medicines PR 253 2 (7) (9)
Product Revenue 15,211 100 13 8
Alliance Revenue included above:
Enhertu 508 3 28 23
Tezspire 154 1 18 18
Beyfortus 91 1 11 11
Datroway 42 - >10x >10x
Other royalty revenue 29 - 22 22
Other Alliance Revenue 1 - 3 3
Alliance Revenue 825 5 29 26
Table 4: Collaboration Revenue
Q1 2026 % Change
$m Actual CER
Farxiga: sales milestones 44 (41) (44)
Crestor: sales milestones 32 n/m n/m
Others 1 n/m n/m
Collaboration Revenue 77 4 -
Table 5: Total Revenue by Therapy Area
Q1 2026 % Change
$m % Total Actual CER
Oncology 6,798 44 20 16
- Cardiovascular, Renal & Metabolism 3,317 22 - (6)
- Respiratory & Immunology 2,318 15 11 7
- Infectious Disease 182 1 (19) (22)
BioPharmaceuticals 5,817 38 3 (2)
Rare Disease 2,420 16 19 15
Other Medicines 253 2 (7) (9)
Total Revenue 15,288 100 13 8
Table 6: Total Revenue by region
Q1 2026 % Change
$m % Total Actual CER
US 6,205 41 10 10
- Emerging Markets ex. China 2,475 16 16 9
- China 1,923 13 7 2
Emerging Markets 4,398 29 12 6
Europe 3,405 22 23 9
Established RoW 1,280 8 3 2
Total Revenue 15,288 100 13 8
Table 7: Product Revenue by region
Q1 2026 % Change
$m % Total Actual CER
US 6,204 41 10 10
- Emerging Markets ex. China 2,475 16 16 9
- China 1,923 13 7 2
Emerging Markets 4,398 29 12 6
Europe 3,405 22 23 9
Established RoW 1,204 8 3 2
Total Product Revenue 15,211 100 13 8
Total Revenue by Medicine
Oncology
Tagrisso
Q1 2026 Total % Change * Strong demand growth across indications and key regions, positioned as
$m
backbone across all stages of EGFRm NSCLC. Leading combination in 1L NSCLC
Revenue Actual CER (FLAURA2)
US 733 8 8 * Robust underlying demand; higher Q1 inventory destocking
Emerging Markets 536 3 (1) * Affected by tender outcomes and phasing
Europe 387 26 12
Established RoW 177 2 1 * Seasonal variability in Japan ahead of fiscal year-end
Total 1,833 9 5
Imfinzi
Q1 2026 Total % Change * Strong demand growth across all regions from existing indications and new
launches
$m Revenue Actual CER
US 954 31 31 * Demand growth led by new GI and GU launches (MATTERHORN, NIAGARA)
Emerging Markets 187 32 28 * Strong growth in GI (HIMALAYA, TOPAZ), ongoing launch momentum
Europe 383 52 34 * Early momentum for new lung (ADRIATIC) and GI (MATTERHORN) launches
Established RoW 170 22 22 * Demand growth from new launches across GYN (DUO-E), GU (NIAGARA), and lung
Total 1,694 34 30
Calquence
Q1 2026 Total % Change * Sustained BTKi leadership in front-line CLL with launch momentum across
$m
finite use for 1L CLL (AMPLIFY) and 1L MCL (ECHO)
Revenue Actual CER
US 599 18 18 * Strong demand growth from ongoing leadership in front-line CLL BTKi market
Emerging Markets 70 30 22
Europe 218 28 13 * Further expansion in finite use for 1L CLL and 1L MCL
Established RoW 36 16 13
Total 923 21 17
Lynparza
Q1 2026 Total % Change * Global leadership in mature first-generation PARPi market
$m
Revenue Actual CER
US 308 (1) (1) * Demand growth offset by channel mix
Emerging Markets 174 8 (1) * Affected by generic competition in China and VBP implementation in Q1 2026
Europe 239 22 8 * Continued uptake in prostate (PROpel) and breast (OlympiA) indications
Established RoW 60 4 3
Total 781 8 2
Enhertu
Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca,
amounted to $1,422m in Q1 2026 (Q1 2025: $1,086m). US in‑market sales,
recorded by Daiichi Sankyo, amounted to $656m in Q1 2026 (Q1 2025: $540m). Up
to and including Q3 2025, AstraZeneca's mid-single-digit percentage royalty on
Daiichi Sankyo's sales in Japan was recorded in Europe. From Q4 2025 this
royalty has been recorded in Established RoW.
Q1 2026 Total % Change * Standard-of-care in HER2-positive (DESTINY-Breast03) and HER2-low
$m
(DESTINY-Breast04) metastatic breast cancer, early uptake in other cancers
Revenue Actual CER
*
US 317 23 23 * Early adoption in 1L HER2-positive breast cancer (DESTINY-Breast09)
Emerging Markets 261 51 47 * Continued adoption post-NRDL enlistment of HER2-positive and HER2-low breast
cancer from 1 January 2025
Europe 207 41 24 * Further demand growth in chemotherapy naïve HER2-low breast cancer
Established RoW 46 >2x >2x
Total 831 40 34
Other Oncology medicines
Q1 2026 Total % Change
$m
Revenue Actual CER
Zoladex 316 8 3 * Growth across Emerging Markets
Truqap 198 50 47 * Achieved peak share in second-line biomarker-altered metastatic breast
cancer
Imjudo 77 (5) (7) * Continued GI (HIMALAYA) growth ex-US, offset by US destocking
Datroway 43 >10x >10x * Continued uptake in breast cancer and EGFRm later-line lung cancer
* Combined global sales by AstraZeneca and Daiichi Sankyo: $102m (Q1 2025:
$9m)
Other Oncology 102 (8) (10) * Generic erosion across markets
Other Oncology includes $7m of Total Revenue from Orpathys, partnered with
HUTCHMED.
BioPharmaceuticals - Cardiovascular, Renal & Metabolism
Farxiga
Q1 2026 Total % Change * Growth driven by HF and CKD indications, SGLT2 class growth supported by
$m
cardiorenal guidelines
Revenue Actual CER
US 449 17 17 * Continued market share gain in growing SGLT2 market
Emerging Markets 924 6 (2) * Affected by generic competition and VBP implementation in China in Q1 2026
Europe 778 14 - * Demand growth offset by generic entry in the UK in Q3 2025
Established RoW 87 (56) (58) * Generic T2D entry in Japan in Q4 2025. Milestone receipt in the quarter
Total 2,237 5 (3)
Other CVRM medicines
Q1 2026 Total % Change
$m
Revenue Actual CER
Crestor 387 22 18 * Growth driven by Emerging Markets and Est. RoW. Milestone receipt in Q1 2026
Lokelma 199 30 26 * Strong growth in all major regions
Seloken 180 12 7 * Growth driven by Emerging Markets
Brilinta 105 (65) (67) * Decline driven by generic entry in the US and Europe in Q2 2025
Wainua 51 29 28 * Demand growth in ATTR-PN
roxadustat 43 (45) (48) * Affected by generic competition in China and VBP implementation in Q1 2026
Other CVRM 115 (16) (20) * Generic erosion
BioPharmaceuticals - Respiratory & Immunology
Symbicort
Q1 2026 Total % Change * Sustained market leader in a broadly stable ICS/LABA class, treating COPD
$m
and asthma
Revenue Actual CER
US 290 4 4 * Demand for brand and authorised generic partially offset by price pressures
Emerging Markets 226 (3) (7) * Volume growth offset by continued generic erosion ex. China
Europe 152 12 - * Volume growth offset by continued generic erosion
Established RoW 79 4 (1)
Total 747 3 (1)
Fasenra
Q1 2026 Total % Change * Expanded severe eosinophilic asthma market share leadership in IL-5 class,
$m
further fuelled by accelerated EGPA indication launches
Revenue Actual CER
US 256 3 3 * Strong demand with expanded IL-5 class leadership partially offset by
inventory movement and gross-to-net adjustments
Emerging Markets 46 70 63 * Asthma launch momentum across key markets including NRDL listing in China in
Q1 2026
Europe 129 25 10 * Increased leadership in severe eosinophilic asthma
Established RoW 52 34 31 * Strong growth supported by EGPA in Japan
Total 483 15 11
Breztri
Q1 2026 Total % Change * Fastest growing medicine within the expanding FDC triple class
$m
(ICS/LABA/LAMA), treating COPD
Revenue Actual CER
US 149 1 1 * Consistent share growth offset by unfavourable gross-to-net adjustments
Emerging Markets 115 28 22 * Market share leadership within FDC triple class in China
Europe 64 55 37 * Sustained growth from market share gains
Established RoW 25 25 22
Total 353 18 13
Tezspire
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to
$493m in Q1 2026 (Q1 2025: $371m).
Q1 2026 Total % Change * Sustained demand growth in severe asthma with launch momentum across
$m
multiple markets
Revenue Actual CER
US 154 18 18 * Continued strong demand growth in severe asthma and launch of CRSwNP
Emerging Markets 20 >2x >2x * Strong continued uptake
Europe 95 68 50 * Maintained new-to-brand leadership across multiple markets and new launches
Established RoW 34 46 45
Total 303 40 34
Other R&I medicines
Q1 2026 Total % Change
$m
Revenue Actual CER
Pulmicort 149 (6) (11) * Generic competition in Emerging Markets (~80% of revenue)
Saphnelo 171 25 24 * Strong US demand growth, ongoing launches in Europe and Established RoW
Airsupra 37 31 31 * Strong US launch momentum and volume uptake
Other R&I 75 (28) (30)
BioPharmaceuticals - Infectious Disease
Beyfortus Total Revenue reflects the sum of Product Sales from AstraZeneca's
sales of manufactured product to Sanofi and Alliance Revenue from
AstraZeneca's share of gross profits and royalties on sales in major markets
outside the US.
Q1 2026 Total % Change
$m
Revenue Actual CER
Beyfortus 116 3 3
FluMist 8 >10x >10x
Other ID 58 (49) (53) * Other includes Synagis, which declined due to competition from Beyfortus
Rare Disease
Ultomiris
Ultomiris Total Revenue includes sales of Voydeya, which is approved as an
add-on treatment to Ultomiris and Soliris for the ~20-30% of PNH patients who
experience clinically significant EVH.
Q1 2026 Total % Change * Growth due to patient demand, both naïve to branded medicines and
$m
conversion from Soliris across all indications (gMG, NMOSD, aHUS and PNH)
Revenue Actual CER
US 679 12 12 * Demand growth across indications, including within the competitive gMG and
PNH landscapes
Emerging Markets 103 98 93 * Expansion into new markets and growth in patient demand
Europe 298 31 16 * Strong demand growth following launches; competition in gMG and PNH
Established RoW 190 14 14 * Continued conversion and strong demand following new launches
Total 1,270 21 18
Soliris
Q1 2026 Total % Change * Decline driven by conversion of patients to Ultomiris across all
$m
indications, competition in gMG and PNH
Revenue Actual CER
US 216 (25) (25) * Also affected by biosimilar pressure in gMG, PNH and aHUS
Emerging Markets 113 73 67 * Benefitted from favourable order timing from tender markets
Europe 32 (42) (49) * Also affected by biosimilar pressure in PNH and aHUS
Established RoW 28 (19) (21)
Total 389 (12) (14)
Strensiq
Q1 2026 Total % Change * Growth driven by continued HPP patient demand and geographic expansion
$m
Revenue Actual CER
US 407 53 53
Emerging Markets 49 44 18
Europe 32 20 6
Established RoW 29 13 13
Total 517 47 43
Other Rare Disease medicines
Q1 2026 Total % Change
$m
Revenue Actual CER
Koselugo 170 24 15 * Growth driven by continued patient demand and geographic expansion. Strong
uptake following launch of adult indication
Other Rare Disease 74 28 18 * Other Rare Disease medicines include Kanuma and Beyonttra (JP only)
Other Medicines
Q1 2026 Total % Change
$m
Revenue Actual CER
Other Medicines 253 (7) (9) * Generic erosion
R&D progress
This section covers R&D events and milestones that occurred from 10
February 2026 up to and including 28 April 2026. A comprehensive view of
AstraZeneca's pipeline of medicines in human trials can be found in the latest
Clinical Trials Appendix, available on AstraZeneca's investor relations
webpage (https://www.astrazeneca.com/investor-relations.html) . The Clinical
Trials Appendix includes tables with details of the ongoing clinical trials
for AstraZeneca medicines and new molecular entities in the pipeline.
Oncology
AstraZeneca presented new data across its diverse portfolio of cancer
medicines at one major medical congress since the prior results announcement:
the American Association for Cancer Research 2026 (AACR). At this meeting,
more than 50 abstracts were presented featuring 25 approved and potential new
medicines including 8 oral presentations.
Enhertu
Priority Review DESTINY-Breast05 * HER2-positive breast cancer with residual invasive disease after neoadjuvant
HER2-targeted treatment.
US March 2026
Approval DESTINY-Gastric04 * 2nd-line treatment of patients with HER2 positive (IHC3+ or IHC2+/ISH+)
unresectable advanced or recurrent gastric cancer.
JP March 2026
New disclosure
Approval DESTINY-PanTumor02 * For the treatment of adult patients with HER2+ (ERBB2 gene amplification or
IHC3+) advanced or recurrent solid cancers refractory or intolerant to
JP March 2026 standard treatments.
New disclosure
Approval DESTINY-Breast11 * Enhertu followed by paclitaxel, trastuzumab and pertuzumab for the
neoadjuvant treatment of adult patients with HER2-positive stage II
CN March 2026 (high-risk) or stage III breast cancer.
New disclosure
Calquence
Approval AMPLIFY * In combination with venetoclax as a fixed-duration regimen for the treatment
of adult patients with chronic lymphocytic leukaemia and small lymphocytic
US February 2026 lymphoma.
Imfinzi
Approval MATTERHORN * In combination with standard-of-care FLOT chemotherapy (fluorouracil,
leucovorin, oxaliplatin, and docetaxel) for the treatment of adult patients
EU March 2026 with resectable, early-stage and locally advanced (Stages II, III, IVA)
gastric and gastroesophageal junction cancers.
Phase III readout EMERALD-3 * Imfinzi in combination with Imjudo, lenvatinib and transarterial
chemoembolisation demonstrated a statistically significant and clinically
April 2026 meaningful improvement in the primary endpoint of PFS versus TACE alone for
patients with unresectable hepatocellular carcinoma eligible for embolisation.
Approval POSEIDON * In combination with Imjudo and platinum-based chemotherapy is indicated for
the first-line treatment of adults with metastatic NSCLC with no sensitising
CN April 2026 EGFR mutations or ALK positive mutations.
New disclosure
Approval HIMALAYA * As monotherapy for the first line treatment of adults with advanced or
unresectable hepatocellular carcinoma.
CN April 2026
* In combination with Imjudo for the first line treatment of adults with
New disclosure advanced or unresectable hepatocellular carcinoma.
Phase III readout SAMETA * Imfinzi in combination with Orpathys did not meet the primary endpoint of
PFS versus sunitinib.
Q1 2026
New disclosure
BioPharmaceuticals - Cardiovascular, Renal & Metabolism
Wainua
Approval April 2026 * As an HCP-administered prefilled syringe for the treatment of hATTR-PN in
adults. Wainua is now approved both as a prefilled syringe (for use by
US New disclosure healthcare providers only) and as an autoinjector (for self-administration).
BioPharmaceuticals - Respiratory & Immunology
Breztri
Approval KALOS/LOGOS * Maintenance treatment of asthma in adult and paediatric patients 12 years of
age and older.
US April 2026
Data publication KALOS/LOGOS * Breztri improved lung function by 76mL (95% CI 57-94 mL, unadjusted
p<0.001, as measured by morning pre-dose trough FEV(1) over 24 weeks) and
The Lancet February 2026 90mL (95% CI 72-108 mL, unadjusted p<0.001, as measured by FEV(1) AUC(0-3)
over 24 weeks) versus dual therapy (the ICS/LABA treatment groups combined) in
a pre-specified pooled analysis of the primary endpoints across KALOS and
LOGOS.
Phase III readout ATHLOS * Breztri met the primary endpoint demonstrating improved inspiratory capacity
during exercise versus placebo. Despite showing numerical benefits and
April 2026 improvements in measures of (static) hyperinflation, Breztri did not achieve
statistical significance vs dual therapy (ICS/LABA) in the second primary
New disclosure objective. There were no new safety findings. These data will be shared with
the scientific community in the future.
Saphnelo
Approval TULIP-SC * For subcutaneous injection as an auto-injector for the therapy of systemic
lupus erythematosus insufficiently responding to currently available
JP February 2026 treatment.
New disclosure
Approval TULIP-SC * For self-administration as a once-weekly autoinjector, the Saphnelo Pen, for
the treatment of adult patients with systemic lupus erythematosus on top of
US April 2026 standard therapy.
Tezspire
Approval WAYPOINT * For subcutaneous injection as a treatment for chronic rhinosinusitis with
nasal polyps in patients who are insufficiently controlled by currently
JP February 2026 available treatments.
New disclosure
Approval WAYPOINT * Add-on therapy with intranasal corticosteroids for the treatment of
adults with severe chronic rhinosinusitis with nasal polyps for whom
CN March 2026 therapy with systemic corticosteroids and/or surgery do not provide
New disclosure adequate disease control.
Approval DIRECTION * Maintenance treatment of adult and paediatric patients aged 12 years and
older with severe asthma.
CN March 2026
New disclosure
tozorakimab
Phase III readout OBERON/TITANIA * Tozorakimab, dosed Q4W, demonstrated statistically significant and highly
clinically meaningful reductions in the annualised rate of moderate-to-severe
March 2026 COPD exacerbations compared with placebo, in the primary population of former
smokers, and in the overall population, which included former and current
smokers, and patients across all blood eosinophil counts and all stages of
lung function severity.
Phase III readout MIRANDA * Tozorakimab, dosed Q2W, demonstrated statistically significant and
clinically meaningful reductions in the annualised rate of moderate-to-severe
March 2026 COPD exacerbations compared with placebo, in the primary population of former
smokers, and in the overall population, which included former and current
smokers, and patients across all blood eosinophil counts and all stages of
lung function severity.
Phase III readout PROSPERO * Long-term extension trial of OBERON and TITANIA showed that tozorakimab
resulted in a numerical, but not statistically significant, reduction in the
April 2026 annualised rate of severe exacerbations in former smokers (primary endpoint).
New disclosure In the overall population of former and current smokers, tozorakimab showed a
nominally significant reduction in the annualised rate of severe
exacerbations. Tozorakimab was generally well tolerated with a favourable
safety profile consistent with previous trials. These data will be presented
at a forthcoming medical meeting and shared with global regulatory
authorities.
Rare Disease
efzimfotase alfa
Phase III readout MULBERRY * Efzimfotase alfa met its primary endpoint in children (2 to <12 years of
age) with HPP who have not been previously treated with Strensiq,
March 2026 demonstrating a statistically significant and clinically meaningful
improvement in bone health from baseline compared to placebo, as measured by
Radiographic Global Impression of Change Score at week 25.
Phase III readout CHESTNUT * Efzimfotase alfa was well-tolerated and demonstrated a favourable safety
profile in children (2 to <12 years of age) switching from Strensiq and
March 2026 maintained the treatment benefit of Strensiq on bone health at week 25, as
measured by secondary endpoints Radiographic Global Impression of Change Score
and Rickets Severity Score.
Phase III readout HICKORY * Efzimfotase alfa showed numerical improvement but did not achieve
statistical significance in the primary endpoint of Six-Minute Walk Test in
March 2026 adolescents and adults (12 years of age and older) with HPP who have not been
previously treated with Strensiq, compared to placebo at week 25. This was
largely due to better-than-expected results observed in the adult-onset HPP
placebo group. In a combination of prespecified subgroups of adolescents and
adults with paediatric-onset HPP, efzimfotase alfa showed nominally
statistically significant and clinically meaningful benefits in mobility, as
measured by Six-Minute Walk Test, as well as key secondary endpoints measuring
physical function and pain reduction, compared to placebo.
Ultomiris
Phase III readout I CAN * Ultomiris met its primary endpoint in a prespecified interim analysis,
demonstrating a statistically significant and clinically meaningful reduction
April 2026 of proteinuria, based on 24‑hour urine protein creatinine ratio, at week 34
in adults with immunoglobulin A nephropathy who are at risk of disease
progression. The primary endpoint of change from baseline in estimated
glomerular filtration rate will be measured at week 106.
Phase III trial update ARTEMIS * Alexion, AstraZeneca Rare Disease will discontinue the ARTEMIS Phase III
clinical trial evaluating Ultomiris in cardiac surgery-associated acute kidney
April 2026 injury in adults with chronic kidney disease who undergo non-emergent cardiac
surgery with cardiopulmonary bypass due to lack of efficacy following a
New disclosure planned interim analysis. The broader development programme for Ultomiris will
continue, including across other existing clinical assessments, as a treatment
for additional indications. The safety profile observed in this trial was
consistent with the known profile of Ultomiris, with no new safety concerns
identified.
Koselugo
Approval KOMET * For the treatment of adult patients with symptomatic, inoperable plexiform
neurofibromas in neurofibromatosis type 1.
CN March 2026
New disclosure
Sustainability
Sustainability highlights
- The Company released its third Sustainability Impact Publication
(https://www.astrazeneca.com/sustainability/resources/pdf.html?pdfPath=https://www.astrazeneca.com/content/dam/az/Sustainability/2026/pdf/AZ-Sustainability-Impact-Publication-2026.pdf)
which includes its Sustainability achievements to date, updated 2030
Sustainability targets and case studies from across the enterprise on climate
and nature action, health equity and health systems resilience.
- CEO Pascal Soriot was recognised with the Sustainable Markets Initiative
(SMI) Terra Carta and Astra Carta Award, celebrating the vision and leadership
he has demonstrated in service of a sustainable future, including through
chairing the SMI Health Systems Task Force.
- AstraZeneca was recognised by Fortune Magazine as one of the World's Most
Admired Companies and the second highest-ranked pharmaceutical company.
- AstraZeneca Chief Sustainability Officer Pam Cheng was named in the top
five of Sustainability Magazine's Top 250 Sustainability Leaders.
Climate and nature
- AstraZeneca completed the transition of the Company's pressurised metered
dose inhaler Trixeo to a next-generation propellant with near-zero Global
Warming Potential in the UK, with the transition underway across Europe.
- AstraZeneca has achieved My Green Lab certification for 104 labs,
including 97 at the highest level, with over 4,500 scientists participating in
the certification.
- The Company was recognised in the latest CDP Supplier Assessment for its
climate change engagement with suppliers.
Health equity
- By the end of 2025, the Healthy Heart Africa (HHA) programme had screened
81 million people since launch in 2014, for hypertension and (from 2024) for
chronic kidney disease (CKD).
- In March 2026, CKD data modelling for Egypt and Morocco from the HHA
INSIDE/IMPACT project was presented at the World Congress of Nephrology,
projecting the clinical and environmental burden of CKD from 2025 to 2030. The
data indicated significant gaps in early diagnosis in both countries: without
national screening and guideline-driven interventions, it is estimated that
fewer than 7% of patients with CKD will be diagnosed by 2030, with associated
increases in greenhouse gas emissions from more resource-intensive treatments
associated with late CKD diagnosis.
- By the end of 2025, the Company's excess inventory donation programme had
donated medicines to 1,700 underserved patients in six countries.
Health systems resilience
- At the World Economic Forum Annual Meeting in January, AstraZeneca Chair
Michel Demaré convened leaders from government, academia and industry to
discuss the topic of investment in health as a strategic asset. The Company
also contributed to a Partnership for Health System Sustainability and
Resilience (PHSSR) panel discussion on strengthening resilience amid rising
pressure from NCDs.
- In parallel, a new PHSSR-World Economic Forum white paper was published on
how health systems can act early on NCDs. Canada launched the first PHSSR
Policy Roadmaps Acting Early on NCDs country report, with recommendations to
shift towards prevention, optimised diagnosis and coordinated care. Additional
country reports are expected in 2026.
How we do business
- AstraZeneca was again recognised in the FTSE Women Leaders Review 2025 as
a top performer for representation of women across the Company.
Operating and financial review
Reporting currency
All narrative on growth and results in this section is based on actual
exchange rates, and financial figures are in US$ millions ($m), unless stated
otherwise.
Reporting period
The performance shown in this announcement covers the three-month period to 31
March 2026 ('the quarter' or 'Q1 2026') compared to the three-month period to
31 March 2025 ('Q1 2025'), unless stated otherwise.
Core financial measures
Core financial measures, EBITDA, Net debt, Gross Margin, Operating Margin, Tax
rate and CER are non-GAAP financial measures because they cannot be derived
directly from the Group's Condensed consolidated financial statements.
Management believes that these non-GAAP financial measures, when provided in
combination with Reported results, provide investors and analysts with helpful
supplementary information to better understand the financial performance and
position of the Group on a comparable basis from period to period.
These non-GAAP financial measures are not a substitute for, or superior to,
financial measures prepared in accordance with GAAP.
Core financial measures (cont.)
Core financial measures are adjusted to exclude certain significant items:
- Charges and provisions related to our global restructuring programmes,
which includes charges that relate to the impact of restructuring programmes
on our capitalised manufacturing assets and IT assets
- Amortisation and impairment of intangible assets, including impairment
reversals but excluding any charges relating to IT assets
- Other specified items, principally comprising acquisition-related costs
and credits, which include the imputed finance charges and fair value
movements relating to contingent consideration on business combinations,
imputed finance charges and remeasurement adjustments on certain Other
payables arising from intangible asset acquisitions, remeasurement adjustments
relating to certain Other payables, debt items assumed from the Alexion
acquisition and legal settlements
- The tax effects of the adjustments above are excluded from the Core Tax
charge
Details on the nature of Core financial measures are provided on page 53 of
the Annual Report and Form 20-F Information 2025
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2025/pdf/AstraZeneca_AR_2025.pdf)
.
Reference should be made to the Reconciliation of Reported to Core financial
measures table included in the Financial Performance section in this
announcement.
Definitions
Gross Margin is defined as Gross Profit as a percentage of Total Revenue.
EBITDA is defined as Reported Profit before tax after adding back Net finance
expense, results from Joint ventures and associates and charges for
Depreciation, amortisation and impairment. Reference should be made to the
Reconciliation of Reported Profit before tax to EBITDA included in the
Financial Performance section in this announcement.
Operating Margin is defined as Operating profit as a percentage of Total
Revenue.
Net debt is defined as Interest-bearing loans and borrowings and Lease
liabilities, net of Cash and cash equivalents, Other investments, and Net
derivative financial instruments. Reference should be made to Note 2 'Net
debt', included in the Notes to the interim financial statements in this
announcement.
The Company strongly encourages investors and analysts not to rely on any
single financial measure, but to review AstraZeneca's financial statements,
including the Notes thereto, and other available Company reports, carefully
and in their entirety.
Due to rounding, the sum of a number of dollar values and percentages in this
announcement may not agree to totals.
Financial performance
Table 8: Reported Profit and Loss
Q1 2026 Q1 2025 % Change
$m $m Actual CER
- Product Sales 14,386 12,875 12 7
- Alliance Revenue 825 639 29 26
Product Revenue 15,211 13,514 13 8
Collaboration Revenue 77 74 4 -
Total Revenue 15,288 13,588 13 8
Cost of sales (2,678) (2,241) 20 4
Gross profit 12,610 11,347 11 9
Distribution expense (141) (135) 4 (4)
R&D expense (3,492) (3,159) 11 7
SG&A expense (4,920) (4,492) 10 6
Other operating income & expense 189 113 67 65
Operating profit 4,246 3,674 16 17
Net finance expense (320) (265) 20 16
Joint ventures and associates (12) (7) 86 67
Profit before tax 3,914 3,402 15 17
Taxation (833) (481) 74 71
Tax rate 21% 14%
Profit after tax 3,081 2,921 5 8
Earnings per share $1.99 $1.88 6 8
Table 9: Reconciliation of Reported Profit before tax to EBITDA
Q1 2026 Q1 2025 % Change
$m $m Actual CER
Reported Profit before tax 3,914 3,402 15 17
Net finance expense 320 265 20 16
Joint ventures and associates 12 7 86 67
Depreciation, amortisation and impairment 1,366 1,284 6 3
EBITDA 5,612 4,958 13 13
Table 10: Reconciliation of Reported to Core financial measures: Q1 2026
For the three months ended 31 March Reported Restructuring Intangible Asset Amortisation & Impairments Other Core % Change
$m $m $m $m $m Actual CER
Gross profit 12,610 5 8 1 12,624 11 9
- Gross Margin 82% 83% -1pp +1pp
Distribution expense (141) - - - (141) 6 (2)
R&D expense (3,492) 21 9 1 (3,461) 12 8
- R&D % of Total Revenue 23% 23% - -
SG&A expense (4,920) 34 973 54 (3,859) 12 7
- SG&A % of Total Revenue 32% 25% - -
Total operating expense (8,553) 55 982 55 (7,461) 12 7
Other operating income & expense 189 - - - 189 65 63
Operating profit 4,246 60 990 56 5,352 11 12
- Operating Margin 28% 35% - +1pp
Net finance expense (320) - - 39 (281) 30 26
Taxation (833) (13) (190) (22) (1,058) 48 50
EPS $1.99 $0.03 $0.52 $0.04 $2.58 4 5
Profit and Loss drivers
Gross profit
The movement in Gross Margin in Q1 2026 was a result of:
- Positive effects from geographic mix
- The contribution of Product Sales with profit sharing arrangements
(Lynparza, Enhertu, Datroway, Tezspire, plus Koselugo in the prior year
period) reduces Gross Margin because AstraZeneca records Product Sales in
certain markets and pays away a share of the gross profits to its
collaboration partners. The profit share paid to partners is recorded in
AstraZeneca's Cost of sales line
- Pricing adjustments to medicines that have reached the end of their
exclusivity periods, and implementation of the US government agreement
announced in 2025
- Currency effects, principally arising from forex volatility in Q1 2025
Variations in Gross Margin performance between periods can continue to be
expected due to product seasonality, foreign exchange fluctuations, and other
effects.
R&D expense
The increase in R&D expense (Reported and Core) in the period was driven
by:
- Positive data readouts for high-value pipeline opportunities that have
ungated late-stage trials
- Investment in platforms, new technology and capabilities to enhance
R&D capabilities
- Addition of R&D projects following completion of previously announced
business development activity
SG&A expense
- The increase in SG&A expense (Reported and Core) in the period was
driven primarily by ongoing and future launches and to support continued
growth in existing brands
Other operating income and expense
- Other operating income increased due to multiple partner milestones being
met in the quarter
Net finance expense
Core Net finance expense increased 30% (26% at CER) in Q1 2026, principally
due to the prior year benefitting from adjustments relating to settlements
with tax authorities.
Taxation
The effective Reported and Core Tax rates for the three months to 31 March
2026 were 21% (Q1 2025: 14% and 16% respectively). The Reported and Core rates
were higher in Q1 2026 as Q1 2025 benefited from the release of tax
liabilities following settlements with tax authorities
The cash tax paid for the three months to 31 March 2026 was $526m (Q1 2025:
$363m), representing 13% of Reported Profit before tax (Q1 2025: 11%).
Cash Flow
Table 11: Cash Flow summary: Q1 2026
For the three months ended 31 March Q1 2026 Q1 2025 Change
$m
$m $m
Reported Operating profit 4,246 3,674 572
Depreciation, amortisation and impairment 1,366 1,284 82
Movement in working capital and short-term provisions (1,000) (426) (574)
Gains on disposal of intangible assets (34) (66) 32
Fair value movements on contingent consideration arising from business 1 1 -
combinations
Non-cash and other movements (253) 31 (284)
Interest paid (441) (422) (19)
Taxation paid (526) (363) (163)
Net cash inflow from operating activities 3,359 3,713 (354)
Net cash outflow from investing activities (1,792) (1,253) (539)
Net cash inflow/(outflow) from financing activities 267 (2,707) 2,974
Net increase/(decrease) in cash and cash equivalents in the period 1,834 (247) 2,081
Net cash flow
The decrease in Net cash inflow from operating activities of $354m is
primarily driven by Movement in working capital and short-term provisions and
foreign exchange fluctuations, offset by increased Operating profit.
The increase in Net cash outflow from investing activities of $539m is
primarily driven by increased Purchase of intangible assets.
The change in Net cash inflow/(outflow) from financing activities of $2,974m
is primarily driven by the issue of new long-term loans of $1,990m in Q1 2026,
with no issuance in Q1 2025, and also the issue of commercial paper of $2,412m
in the current period compared to $948m of commercial paper issued in
comparative period.
Capital expenditure
Capital expenditure on Property, plant and equipment and software-related
intangible assets amounted to $645m in Q1 2026 (Q1 2025: $493m). The increase
of capital expenditure in Q1 2026 was driven by investment in several major
manufacturing projects and continued investment in technology upgrades.
Net debt
Net debt increased by $2,570m in the three months to 31 March 2026 to
$25,944m. Details of the committed undrawn bank facilities are disclosed
within the Going concern section of Note 1. Details of the Company's solicited
credit ratings and further details on Net debt are disclosed in Note 2.
Net debt
Table 12: Net debt summary
At 31 Mar At 31 Dec At 31 Mar
2026
2025
2025
$m $m $m
Cash and cash equivalents 7,560 5,711 5,230
Other investments 115 30 165
Cash and investments 7,675 5,741 5,395
Overdrafts and short-term borrowings (597) (644) (445)
Commercial paper (2,412) - (948)
Lease liabilities (1,888) (1,803) (1,551)
Current instalments of loans (4,567) (2,460) (2,010)
Non-current instalments of loans (24,454) (24,715) (26,692)
Interest-bearing loans and borrowings (Gross debt) (33,918) (29,622) (31,646)
Net derivatives 299 507 184
Net debt (25,944) (23,374) (26,067)
Summarised financial information for guarantee of securities of subsidiaries
AstraZeneca Finance LLC ("AstraZeneca Finance") is the issuer of 1.2% Notes
due 2026, 4.8% Notes due 2027, 4.875% Notes due 2028, 1.75% Notes due 2028,
4.85% Notes due 2029, 4.9% Notes due 2030, 4.9% Notes due 2031, 2.25% Notes
due 2031, 4% Notes due 2031, 4.875% Notes due 2033, 4.3% Notes due 2033, 5%
Notes due 2034 and 4.6% Notes due 2036 (the "AstraZeneca Finance USD Notes").
Each series of AstraZeneca Finance USD Notes has been fully and
unconditionally guaranteed by AstraZeneca PLC. AstraZeneca Finance is 100%
owned by AstraZeneca PLC and each of the guarantees issued by AstraZeneca PLC
is full and unconditional and joint and several.
The AstraZeneca Finance USD Notes are senior unsecured obligations of
AstraZeneca Finance and rank equally with all of AstraZeneca Finance's
existing and future senior unsecured and unsubordinated indebtedness. The
guarantee by AstraZeneca PLC of the AstraZeneca Finance USD Notes is the
senior unsecured obligation of AstraZeneca PLC and ranks equally with all of
AstraZeneca PLC's existing and future senior unsecured and unsubordinated
indebtedness. Each guarantee by AstraZeneca PLC is effectively subordinated to
any secured
indebtedness of AstraZeneca PLC to the extent of the value of the assets
securing such indebtedness. The AstraZeneca Finance USD Notes are structurally
subordinated to indebtedness and other liabilities of the subsidiaries of
AstraZeneca PLC, none of which guarantee the AstraZeneca Finance USD Notes.
AstraZeneca PLC manages substantially all of its operations through divisions,
branches and/or investments in subsidiaries and affiliates. Accordingly, the
ability of AstraZeneca PLC to service its debt and guarantee obligations is
also dependent upon the earnings of its subsidiaries, affiliates, branches and
divisions, whether by dividends, distributions, loans or otherwise. Please
refer to the Consolidated financial statements of AstraZeneca PLC in our
Annual Report on Form 20-F as filed with the SEC and information contained
herein for further financial information regarding AstraZeneca PLC and its
consolidated subsidiaries. For further details, terms and conditions of the
AstraZeneca Finance USD Notes please refer to AstraZeneca PLC's reports on
Form 6-K furnished to the SEC on 26 February 2026, 22 February 2024, 3 March
2023 and 28 May 2021.
Pursuant to Rule 13-01 and Rule 3-10 of Regulation S-X under the Securities
Act of 1933, as amended (the "Securities Act"), we present below the summary
financial information for AstraZeneca PLC, as Guarantor, excluding its
consolidated subsidiaries, and AstraZeneca Finance, as the issuer, excluding
its consolidated subsidiaries. The following summary financial information of
AstraZeneca PLC and AstraZeneca Finance is presented on a combined basis and
transactions between the combining entities have been eliminated. Financial
information for non-guarantor entities has been excluded. Intercompany
balances and transactions between the obligor group and the non-obligor
subsidiaries are presented on separate lines.
Obligor group summarised statements
Table 13: Obligor group summarised statement of comprehensive income: Q1 2026
For the three months ended 31 March Q1 2026 Q1 2025
$m $m
Total Revenue - -
Gross - -
profit
Operating loss (1) -
Loss for the period (259) (302)
Transactions with subsidiaries that are not issuers or guarantors 303 5,807
Table 14: Obligor group summarised statement of financial position
At 31 Mar 2026 At 31 Mar 2025
$m $m
Current assets 49 68
Non-current assets 68 -
Current liabilities (7,302) (3,201)
Non-current liabilities (24,440) (26,748)
Amounts due from subsidiaries that are not issuers or guarantors 20,443 20,922
Amounts due to subsidiaries that are not issuers or guarantors - -
Capital allocation
The Group's capital allocation priorities include: investing in the business
and pipeline; maintaining a strong, investment-grade credit rating; pursuing
potential value-enhancing business development opportunities; and supporting
the progressive dividend policy.
In approving the declaration of dividends, the Board considers both the
liquidity of the Company and the level of reserves legally available for
distribution.
In FY 2026, the Company intends to increase the annual dividend declared to
$3.30 per share.
Dividends are paid to shareholders from AstraZeneca PLC, a Group holding
company with no direct operations. The ability of AstraZeneca PLC to make
shareholder distributions is dependent on the creation of profits for
distribution and the receipt of funds from subsidiary companies.
The consolidated Group reserves set out in the Condensed consolidated
statement of financial position do not reflect the profit available for
distribution to the shareholders of AstraZeneca PLC.
In FY 2025, capital expenditure on Property, plant and equipment and
Software-related intangible assets amounted to $3,270m. In FY 2026 the Group
expects to increase expenditure on Property, plant and equipment and
Software-related intangible assets by approximately a third driven by
manufacturing expansion projects and investments in systems and technology.
Foreign exchange
The Company's transactional currency exposures on working capital balances,
which typically extend for up to three months, are hedged where practicable
using forward foreign exchange contracts against the individual companies'
reporting currency. Foreign exchange gains and losses on forward contracts
transacted for transactional hedging are taken to profit or to Other
comprehensive income if the contract is in a designated cashflow hedge.
In addition, the Company's external dividend payments paid in pound sterling
and Swedish krona, are fully hedged from the time of their announcement to the
payment date.
Table 15: Currency sensitivities
Currency Primary Relevance Exchange rate vs USD (average rate in period) Annual impact of 5% strengthening vs USD(1) ($m)
FY YTD Change Mar Change Total Core Operating Profit
20252
20263
20264
Revenue
(%) (%)
EUR Total Revenue 0.88 0.85 4 0.87 2 499 234
CNY Total Revenue 7.19 6.92 4 6.90 4 329 178
JPY Total Revenue 149.64 156.85 (5) 158.64 (6) 179 120
GBP Operating expense 0.76 0.74 2 0.75 1 50 (180)
SEK Operating expense 9.81 9.13 7 9.31 5 9 (71)
Other 615 339
1. Assumes the average exchange rate vs USD in FY 2026 is 5% higher than
the average rate in FY 2025. The impact data are estimates, based on best
prevailing assumptions around currency profiles.
2. Based on average daily spot rates 1 January 2025 to 31 December 2025.
3. Based on average daily spot rates 1 January 2026 to 31 March 2026.
4. Based on average daily spot rates 1 March 2026 to 31 March 2026.
Interim financial statements
Table 16: Condensed consolidated statement of comprehensive income: Q1 2026
For the three months ended 31 March 2026 2025
$m $m
- Product Sales 14,386 12,875
- Alliance Revenue 825 639
Product Revenue 15,211 13,514
Collaboration Revenue 77 74
Total Revenue 15,288 13,588
Cost of sales (2,678) (2,241)
Gross profit 12,610 11,347
Distribution expense (141) (135)
Research and development expense (3,492) (3,159)
Selling, general and administrative expense (4,920) (4,492)
Other operating income and expense 189 113
Operating profit 4,246 3,674
Finance income 73 84
Finance expense (393) (349)
Share of after tax losses in associates and joint ventures (12) (7)
Profit before tax 3,914 3,402
Taxation (833) (481)
Profit for the period 3,081 2,921
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurement of the defined benefit pension liability 75 51
Net gains/(losses) on equity investments measured at fair value through Other 185 (58)
comprehensive income
Tax expense on items that will not be reclassified to profit or loss (56) (17)
204 (24)
Items that may be reclassified subsequently to profit or loss:
Foreign exchange arising on consolidation (551) 1,152
Foreign exchange arising on designated liabilities in net investment hedges 7 53
Fair value movements on cash flow hedges (79) 72
Fair value movements on cash flow hedges transferred to profit and loss 55 (102)
Fair value movements on derivatives designated in net investment hedges 4 (10)
Costs of hedging (16) (8)
Tax income/(expense) on items that may be reclassified subsequently to profit 7 (30)
or loss
(573) 1,127
Other comprehensive (expense)/income for the period, net of tax (369) 1,103
Total comprehensive income for the period 2,712 4,024
Profit attributable to:
Owners of the Parent 3,080 2,916
Non-controlling interests 1 5
3,081 2,921
Total comprehensive income/(expense) attributable to:
Owners of the Parent 2,713 4,017
Non-controlling interests (1) 7
2,712 4,024
Earnings per share
Basic earnings per $0.25 Ordinary Share $1.99 $1.88
Diluted earnings per $0.25 Ordinary Share $1.97 $1.87
Weighted average number of Ordinary Shares in issue (millions) 1,549 1,550
Diluted weighted average number of Ordinary Shares in issue (millions) 1,561 1,561
Table 17: Condensed consolidated statement of financial position
At 31 Mar At 31 Dec At 31 Mar
2026 2025 2025
Assets $m $m $m
Non-current assets
Property, plant and equipment 13,121 12,962 10,819
Right-of-use assets 1,820 1,741 1,484
Goodwill 21,194 21,242 21,130
Intangible assets 36,908 37,846 37,550
Investments in associates and joint ventures 306 302 270
Other investments 2,359 2,223 1,630
Derivative financial instruments 382 498 210
Other receivables 1,186 1,327 926
Income tax receivable 1,533 1,391 -
Deferred tax assets 5,593 5,819 6,095
84,402 85,351 80,114
Current assets
Inventories 6,570 6,557 5,884
Trade and other receivables 14,106 15,177 13,250
Other investments 115 30 165
Derivative financial instruments 28 90 45
Intangible assets 175 - -
Income tax receivable 1,059 1,158 1,565
Cash and cash equivalents 7,560 5,711 5,230
29,613 28,723 26,139
Total assets 114,015 114,074 106,253
Liabilities
Current liabilities
Interest-bearing loans and borrowings (7,576) (3,104) (3,403)
Lease liabilities (383) (382) (355)
Trade and other payables (22,505) (25,280) (22,544)
Derivative financial instruments (103) (81) (22)
Provisions (704) (686) (1,149)
Income tax payable (1,299) (1,084) (1,656)
(32,570) (30,617) (29,129)
Non-current liabilities
Interest-bearing loans and borrowings (24,454) (24,715) (26,692)
Lease liabilities (1,505) (1,421) (1,196)
Derivative financial instruments (8) - (49)
Deferred tax liabilities (3,471) (3,500) (3,553)
Retirement benefit obligations (953) (1,105) (1,279)
Provisions (904) (918) (922)
Income tax payable (611) (700) (264)
Other payables (2,155) (2,379) (2,038)
(34,061) (34,738) (35,993)
Total liabilities (66,631) (65,355) (65,122)
Net assets 47,384 48,719 41,131
Equity
Share capital 388 388 388
Share premium account 35,275 35,266 35,233
Other reserves 1,998 2,041 2,054
Retained earnings 9,672 10,972 3,364
Capital and reserves attributable to equity holders of the Parent 47,333 48,667 41,039
Non-controlling interests 51 52 92
Total equity 47,384 48,719 41,131
Table 18: Condensed consolidated statement of changes in equity
Share capital Share premium account Other reserves Retained earnings Total attributable to owners of the Parent Non-controlling interests Total equity
$m $m $m $m $m $m $m
At 1 Jan 2025 388 35,226 2,012 3,160 40,786 85 40,871
Profit for the period - - - 2,916 2,916 5 2,921
Other comprehensive (expense)/income - - (42) 1,143 1,101 2 1,103
Transfer to Other reserves - - 58 (58) - - -
Transactions with owners
Dividends - - - (3,249) (3,249) - (3,249)
Issue of Ordinary Shares - 7 - - 7 - 7
Movement in shares held by Employee Benefit Trusts - - 26 - 26 - 26
Share-based payments charge for the period - - - 174 174 - 174
Settlement of share plan awards - - - (722) (722) - (722)
Net movement - 7 42 204 253 7 260
At 31 Mar 2025 388 35,233 2,054 3,364 41,039 92 41,131
At 1 Jan 2026 388 35,266 2,041 10,972 48,667 52 48,719
Profit for the period - - - 3,080 3,080 1 3,081
Other comprehensive expense - - (41) (326) (367) (2) (369)
Transfer to Other reserves - - 5 (5) - - -
Transactions with owners
Dividends - - - (3,359) (3,359) - (3,359)
Issue of Ordinary Shares - 9 - - 9 - 9
Movement in shares held by Employee Benefit Trusts - - (7) - (7) - (7)
Share-based payments charge for the period - - - 201 201 - 201
Settlement of share plan awards - - - (891) (891) - (891)
Net movement - 9 (43) (1,300) (1,334) (1) (1,335)
At 31 Mar 2026 388 35,275 1,998 9,672 47,333 51 47,384
Table 19: Condensed consolidated statement of cash flows: Q1 2026
For the three months ended 31 March 2026 2025
$m $m
Cash flows from operating activities
Profit before tax 3,914 3,402
Finance income and expense 320 265
Share of after tax losses of associates and joint ventures 12 7
Depreciation, amortisation and impairment 1,366 1,284
Movement in working capital and short-term provisions (1,000) (426)
Gains on disposal of intangible assets (34) (66)
Fair value movements on contingent consideration arising from business 1 1
combinations
Non-cash and other movements (253) 31
Cash generated from operations 4,326 4,498
Interest paid (441) (422)
Tax paid (526) (363)
Net cash inflow from operating activities 3,359 3,713
Cash flows from investing activities
Payment of contingent consideration from business combinations (257) (362)
Purchase of property, plant and equipment (547) (429)
Disposal of property, plant and equipment 8 1
Purchase of intangible assets (991) (540)
Disposal of intangible assets 45 9
Purchase of non-current asset investments (8) -
Movement in short-term investments, fixed deposits and other investing (85) 1
instruments
Payments to associates and joint ventures (24) -
Interest received 67 67
Net cash outflow from investing activities (1,792) (1,253)
Net cash inflow before financing activities 1,567 2,460
Cash flows from financing activities
Proceeds from issue of share capital 10 8
Own shares purchased by Employee Benefit Trusts (612) (486)
Issue of loans and borrowings 1,990 -
Repayment of loans and borrowings (2) (4)
Dividends paid (3,287) (3,347)
Hedge contracts relating to dividend payments (72) 104
Repayment of obligations under leases (94) (81)
Movement in short-term borrowings 2,334 1,099
Net cash inflow/(outflow) from financing activities 267 (2,707)
Net increase/(decrease) in Cash and cash equivalents in the period 1,834 (247)
Cash and cash equivalents at the beginning of the period 5,698 5,429
Exchange rate effects (18) 25
Cash and cash equivalents at the end of the period 7,514 5,207
Cash and cash equivalents consist of:
Cash and cash equivalents 7,560 5,230
Overdrafts (46) (23)
7,514 5,207
Notes to the Interim financial statements
Note 1: Basis of preparation and accounting policies
These unaudited Interim financial statements for the three months ended 31
March 2026 have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting' (IAS 34), as issued by the
International Accounting Standards Board (IASB), IAS 34 as adopted by the
European Union, UK-adopted IAS 34 and the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct Authority and with
the requirements of the Companies Act 2006 as applicable to companies
reporting under those standards.
The unaudited Interim financial statements for the three months ended
31 March 2026 were approved by the Board of Directors for publication on
29 April 2026.
This results announcement does not constitute statutory accounts of the Group
within the meaning of sections 434(3) and 435(3) of the Companies Act 2006.
The annual financial statements of the Group for the year ended 31 December
2025 were prepared in accordance with UK-adopted international accounting
standards and with the requirements of the Companies Act 2006. The annual
financial statements also comply fully with IFRS Accounting Standards as
issued by the IASB and International Accounting Standards as adopted by the
European Union. Except for the estimation of the interim income tax charge,
the Interim financial statements have been prepared applying the accounting
policies that were applied in the preparation of the Group's published
consolidated financial statements for the year ended 31 December 2025.
The comparative figures for the financial year ended 31 December 2025 are not
the Group's statutory accounts for that financial year. Those accounts have
been reported on by the Group's auditors and have been delivered to the
Registrar of Companies; their report (i) was unqualified, (ii) did not include
a reference to any matters to which the auditors drew attention by way of
emphasis without qualifying their report, and (iii) did not contain a
statement under section 498(2) or (3) of the Companies Act 2006.
Going concern
The Group has considerable financial resources available. As at 31 March 2026,
the Group has $12.5bn in financial resources (cash and cash equivalent
balances of $7.6bn and undrawn committed bank facilities of $4.9bn that are
available until April 2031), with $8.0bn of borrowings due within one year.
These facilities contain no financial covenants.
The Group has assessed the prospects of the Group over a period longer than
the required 12 months from the date of Board approval of these consolidated
financial statements, with no deterioration noted requiring a further
extension of this review. The Group's revenues are largely derived from sales
of medicines covered by patents, which provide a relatively high level of
resilience and predictability to cash inflows, although government price
interventions in response to budgetary constraints are expected to continue to
adversely affect revenues in some of our significant markets. The Group,
however, anticipates new revenue streams from both recently launched medicines
and those in development, and the Group has a wide diversity of customers and
suppliers across different geographic areas.
Consequently, the Directors believe that, overall, the Group is well placed to
manage its business risks successfully. Accordingly, they continue to adopt
the going concern basis in preparing the Interim financial statements.
Legal proceedings
The information contained in Note 4 updates the disclosures concerning legal
proceedings and contingent liabilities in the Group's Annual Report and Form
20-F Information 2025
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2025/pdf/AstraZeneca_AR_2025.pdf)
.
Note 2: Net debt
Table 20: Net debt
At 1 Jan Cash flow Acquisitions Non-cash Exchange At 31 Mar
2026
2026
and other movements
$m $m $m $m $m $m
Non-current instalments of loans (24,715) (1,990) - 2,136 115 (24,454)
Non-current instalments of leases (1,421) - - (99) 15 (1,505)
Total long-term debt (26,136) (1,990) - 2,037 130 (25,959)
Current instalments of loans (2,460) 2 - (2,122) 13 (4,567)
Current instalments of leases (382) 115 - (120) 4 (383)
Commercial paper - (2,412) - - - (2,412)
Collateral received from derivative counterparties (473) 90 - - - (383)
Other short-term borrowings excluding overdrafts (158) (12) - - 2 (168)
Overdrafts (13) (34) - - 1 (46)
Total current debt (3,486) (2,251) - (2,242) 20 (7,959)
Gross borrowings (29,622) (4,241) - (205) 150 (33,918)
Net derivative financial instruments 507 152 - (360) - 299
Net borrowings (29,115) (4,089) - (565) 150 (33,619)
Cash and cash equivalents 5,711 1,868 - - (19) 7,560
Other investments - current 30 85 - - - 115
Cash and investments 5,741 1,953 - - (19) 7,675
Net debt (23,374) (2,136) - (565) 131 (25,944)
The table above provides an analysis of Net debt and a reconciliation of Net
cash flow to the movement in Net debt. The Group monitors Net debt as part of
its capital management policy as described in Note 28 of the Annual Report and
Form 20-F Information 2025
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2025/pdf/AstraZeneca_AR_2025.pdf)
. Net debt is a non-GAAP financial measure.
Net debt increased by $2,570m in the three months to 31 March 2026 to
$25,944m. Details of the committed undrawn bank facilities are disclosed
within the going concern section of Note 1. Non-cash movements in the period
include fair value adjustments under IFRS 9 'Financial Instruments'.
The Group has agreements with some bank counterparties whereby the parties
agree to post cash collateral on financial derivatives, for the benefit of the
other, equivalent to the market valuation of the derivative positions above a
predetermined threshold. The carrying value of such cash collateral held by
the Group at 31 March 2026 was $383m (31 December 2025: $473m) and the
carrying value of such cash collateral posted by the Group at 31 March 2026
was $109m
(31 December 2025: $22m).
The equivalent GAAP measure to Net debt is 'liabilities arising from financing
activities', which excludes the amounts for cash and overdrafts, other
investments and non-financing derivatives above.
During the quarter ended 31 March 2026, there have been no changes to the
Group's solicited credit ratings. Moody's credit ratings were long term: A1;
short term: P-1. Standard and Poor's credit ratings were long term: A+; short
term:
A-1.
Note 3: Financial Instruments
As detailed in the Group's most recent annual financial statements, the
principal financial instruments consist of derivative financial instruments,
other investments, trade and other receivables, cash and cash equivalents,
trade and other payables, lease liabilities and interest-bearing loans and
borrowings.
The Group has certain equity investments that are categorised as Level 3 in
the fair value hierarchy that are held at $453m (31 December 2025: $458m) and
for which a fair value gain of $3m has been recognised in the three months
ended 31 March 2026 (Q1 2025: $nil). In the absence of specific market data,
these unlisted investments are held at fair value based on the cost of
investment and adjusted as necessary for impairments and revaluations on new
funding rounds, which are seen to approximate the fair value. All other fair
value gains and/or losses that are presented in Net gains on equity
investments measured at fair value through other comprehensive income, in the
Condensed consolidated statement of comprehensive income for the three months
ended 31 March 2026, are Level 1 fair value measurements, valued based on
quoted prices in active markets.
Financial instruments measured at fair value include $2,364m of other
investments, $5,851m held in money-market funds and $299m of derivatives as at
31 March 2026. With the exception of derivatives being Level 2 fair valued,
and certain equity instruments of $453m categorised as Level 3, the
aforementioned balances are Level 1 fair valued. Financial instruments
measured at amortised cost include $109m of cash collateral pledged to
counterparties. The total fair value of Interest-bearing loans and borrowings
as at 31 March 2026, which have a carrying value of $33,918m in the Condensed
consolidated statement of financial position, was $33,301m.
Contingent consideration arising from business combinations is fair valued
using decision-tree analysis, with key inputs including the probability of
success, consideration of potential delays and the expected levels of future
revenues.
The final contingent consideration payment of $257m relating to BMS's share of
the global diabetes alliance was made in Q1 2026.
Note 4: Legal proceedings and contingent liabilities
AstraZeneca is involved in various legal proceedings considered typical to its
business, including litigation and investigations, including Government
investigations, relating to product liability, commercial disputes,
infringement of intellectual property (IP) rights, the validity of certain
patents, anti-trust law and sales and marketing practices. The matters
discussed below constitute the more significant developments since publication
of the disclosures concerning legal proceedings in the Company's Annual Report
and Form 20-F Information 2025
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2025/pdf/AstraZeneca_AR_2025.pdf)
. (the Disclosures). Information about the nature and facts of the cases is
disclosed in accordance with IAS 37 'Provisions, Contingent Liabilities and
Contingent Assets'.
As discussed in the Disclosures, the majority of claims involve highly complex
issues. Often these issues are subject to substantial uncertainties and,
therefore, the probability of a loss, if any, being sustained and/or an
estimate of the amount of any loss is difficult to ascertain.
In cases that have been settled or adjudicated, or where quantifiable fines
and penalties have been assessed and which are not subject to appeal, or where
a loss is probable and we are able to make a reasonable estimate of the loss,
AstraZeneca records the loss absorbed or makes a provision for its best
estimate of the expected loss. The position could change over time and the
estimates that the Company made, and upon which the Company have relied in
calculating these provisions are inherently imprecise. There can, therefore,
be no assurance that any losses that result from the outcome of any legal
proceedings will not exceed the amount of the provisions that have been booked
in the accounts. The major factors causing this uncertainty are described more
fully in the Disclosures and herein.
AstraZeneca has full confidence in, and will vigorously defend and enforce,
its IP.
Matters disclosed in respect of the first quarter of 2026 and up to and
including 28 April 2026
Table 21: Patent litigation
Legal proceedings brought against AstraZeneca
Enhertu patent proceedings, US * In October 2020, Seagen Inc. (Seagen) filed a complaint against Daiichi
Sankyo Company, Limited (Daiichi Sankyo) in the US District Court for the
Matter concluded Eastern District of Texas (District Court) alleging that Enhertu infringes a
Seagen patent. AstraZeneca co-commercialises Enhertu with Daiichi Sankyo in
the US. After trial in April 2022, the jury found that the patent was
infringed and awarded Seagen $41.82m in past damages. In July 2022, the
District Court entered final judgment and declined to enhance damages on the
basis of wilfulness. In October 2023, the District Court entered an amended
final judgment that requires Daiichi Sankyo to pay Seagen a royalty of 8% on
US sales of Enhertu from 1 April 2022 through to 4 November 2024, in addition
to the past damages previously awarded by the District Court. AstraZeneca and
Daiichi Sankyo appealed the District Court's decision.
* In December 2020 and January 2021, AstraZeneca and Daiichi Sankyo filed
post-grant review (PGR) petitions with the US Patent and Trademark Office
(USPTO) alleging, among other things, that the Seagen patent is invalid for
lack of written description and enablement. The USPTO initially declined to
institute the PGRs, but, in April 2022, the USPTO granted the rehearing
requests and instituted both PGR petitions. Seagen subsequently disclaimed all
patent claims at issue in one of the PGR proceedings. In July 2022, the USPTO
reversed its institution decision and declined to institute the other PGR
petition. AstraZeneca and Daiichi Sankyo requested reconsideration of the
decision not to institute review of the patent. In February 2023, the USPTO
reinstituted the PGR proceeding. In February 2024, the USPTO issued a decision
that the claims were unpatentable. Seagen appealed this decision; the USPTO
intervened in the appeal.
* In December 2025, the US Court of Appeals for the Federal Circuit issued
decisions in both the District Court and PGR appeals finding that Seagen's
patent is invalid and vacating the District Court's prior infringement
judgment and damages award. The deadline for filing an appeal has expired.
* This matter has concluded.
Forxiga patent proceedings, Europe * In November 2025, in France, Biogaran SAS challenged one of AstraZeneca's
patents covering Forxiga. No trial date has been set.
Considered to be a contingent liability
* In Poland and in Portugal, multiple generic companies have challenged one of
AstraZeneca's patents covering Forxiga. No trial date has been set.
* In February 2026, the Polish Patent Office invalidated the Forxiga
composition patent. AstraZeneca is appealing that decision.
Legal proceedings brought by AstraZeneca
Forxiga patent proceedings, Australia * In December 2025, in the Federal Court of Australia, AstraZeneca initiated
patent infringement litigation against Pharmacor Pty Limited (Pharmacor) in
reference to one of the patents that protects Forxiga.
* In March 2026, AstraZeneca obtained a preliminary injunction against the
launch of Pharmacor's dapagliflozin product.
* No trial date has been set.
Lynparza patent proceedings, US * AstraZeneca received a Paragraph IV notice relating to Lynparza patents from
Natco Pharma Limited (Natco) in December 2022, Sandoz Inc. (Sandoz) in
December 2023, Cipla USA, Inc. and Cipla Limited (collectively, Cipla) in May
2024, and Zydus Pharmaceuticals (USA) Inc. (Zydus) in November 2024.
* In response to these Paragraph IV notices, AstraZeneca, MSD International
Business GmbH, and the University of Sheffield initiated ANDA litigations
against Natco, Sandoz, Cipla, and Zydus in the US District Court for the
District of New Jersey. In the complaints, AstraZeneca alleged that the
defendants' generic versions of Lynparza, if approved and marketed, would
infringe AstraZeneca's patents.
* In April 2026, AstraZeneca entered into a settlement agreement with Sandoz
resolving all US patent litigation with Sandoz relating to Lynparza.
* No trial date has been scheduled for trial with the remaining defendants.
Tagrisso patent proceedings, Russia * In August 2023, AstraZeneca filed lawsuits in the Arbitration Court of the
Moscow region (Court) against the Russian Ministry of Health (MOH) and
Axelpharm LLC (Axelpharm) for improper use of AstraZeneca information in the
authorisation of a generic version of Tagrisso. The suit against the MOH was
dismissed in July 2024, after two appeals. The case against Axelpharm was
dismissed in September 2024, and a subsequent appeal by AstraZeneca was also
dismissed.
* In November 2023, Axelpharm sought a compulsory licence under a patent
related to Tagrisso; the action remains pending. The Axelpharm patent on
which the compulsory licensing action was based was held invalid by the
Russian Patent and Trademark Office (PTO) in August 2024, following a
challenge by AstraZeneca. The PTO's decision was upheld in June 2025,
following an appeal by Axelpharm. At a further appeal hearing in November
2025, the Intellectual Property Court Presidium reversed earlier decisions and
held Axelpharm's patent valid. The Supreme Court rejected appeals by
AstraZeneca and the PTO against this decision in February 2026.
* In July 2024, AstraZeneca filed a patent infringement claim against
Axelpharm in relation to a generic version of Tagrisso. The action was stayed
by the Court pending resolution of the compulsory licensing action.
* In August 2024, after AstraZeneca filed a complaint, the Federal
Anti-Monopoly Service of Russia (FAS) initiated a case against Axelpharm and
OncoTarget LLC (OncoTarget). In November 2024, the FAS found Axelpharm (but
not OncoTarget) to have committed unfair competition. In June 2025, the
finding against Axelpharm was reversed on appeal. In December 2025, on appeal
by AstraZeneca, the appellate decision was affirmed. AstraZeneca filed a
further appeal, and in April 2026, the Intellectual Property Court restored
the FAS's finding of unfair competition and prohibited Axelpharm from selling
the generic drug.
Tagrisso patent proceedings, UK * In March 2026, AstraZeneca initiated a patent infringement action in the UK
High Court against Hansoh Pharmaceutical Group Company Limited, Jiangsu Hansoh
Pharmaceutical Group Co., Ltd., and relevant vendors relating to its
prospective commercialisation of aumolertinib.
* No trial date has been set.
Table 22: Product liability litigation
Legal proceedings brought against AstraZeneca
Farxiga and Xigduo XR, US * AstraZeneca has been named as a defendant in lawsuits involving plaintiffs
claiming physical injury, including Fournier's Gangrene and necrotising
Considered to be a contingent liability fasciitis, from treatment with Farxiga and/or Xigduo XR.
* AstraZeneca has settled in principle for an immaterial amount the matter
that had been scheduled for trial in March 2026.
* The first trial is scheduled for September 2026.
Table 23: Commercial litigation
Legal proceedings brought against AstraZeneca
340B Antitrust Litigation, US * In September 2021, AstraZeneca was served with a class-action antitrust
complaint filed in the US District Court for the Western District of New York
Considered to be a contingent liability (District Court) by Mosaic Health, Inc. alleging a conspiracy to restrict
access to 340B discounts in the diabetes market through contract pharmacies.
In September 2022, the District Court granted AstraZeneca's motion to dismiss
the complaint. In February 2024, the District Court denied plaintiffs' request
to file an amended complaint and entered an order closing the matter. In March
2024, plaintiffs filed an appeal.
* In August 2025, the US Court of Appeals for the Second Circuit decided in
the plaintiffs' favour, ordering the District Court to accept the amended
complaint.
* In March 2026, AstraZeneca sought further review by the US Supreme Court.
Amyndas Trade Secrets Litigation, US * AstraZeneca has been defending a matter filed by Amyndas Pharmaceuticals
Member P.C. and Amyndas Pharmaceuticals, LLC (collectively Amyndas), in the US
Considered to be a contingent liability District Court for the District of Massachusetts alleging trade secret
misappropriation and breach of contract claims against AstraZeneca and Zealand
Pharma U.S. Inc. related to Amyndas' C3 inhibitor candidate.
* In March 2026, the court granted AstraZeneca's motion for partial summary
judgment.
Barone Privacy Litigation, US * In March 2026, a putative class action complaint against AstraZeneca and
others was filed in the US District Court for the Northern District of
Considered to be a contingent liability Illinois. The complaint alleges that AstraZeneca and others unlawfully used
patient genetic information.
* No trial date has been set.
Table 24: Government investigations and proceedings
Legal proceedings brought against AstraZeneca
340B Qui Tam, US * In July 2023, AstraZeneca was served with an unsealed civil lawsuit brought
by a qui tam relator on behalf of the United States, several states, and the
Considered to be a contingent liability District of Columbia in the US District Court for the Central District of
California (District Court). The complaint alleges that AstraZeneca violated
the US False Claims Act and state law analogues. In March 2024, the District
Court granted AstraZeneca's motion to dismiss the First Amended Complaint
without leave to amend.
* In March 2026, the Ninth Circuit reversed the District Court's dismissal and
remanded.
Texas Qui Tam, US * In December 2022, AstraZeneca was served with an unsealed civil lawsuit
brought by qui tam relators on behalf of the State of Texas in Texas State
Considered to be a contingent liability Court in Harrison County, which alleges that AstraZeneca engaged in unlawful
marketing practices.
* In November 2025, the case was transferred to the Texas State Court in
Travis County.
* In July 2025, the State of Texas moved to intervene in the matter and
intervened in November 2025.
* Trial is scheduled for August 2026.
Legal proceedings brought by AstraZeneca
340B State Litigation, US * AstraZeneca has filed lawsuits against Arkansas, Colorado, Hawaii, Kansas,
Louisiana, Maine, Maryland, Minnesota, Mississippi, Missouri,
Considered to be a contingent asset Nebraska, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota,
Tennessee, Utah, Vermont, and West Virginia challenging the constitutionality
of each state's 340B statute.
* AstraZeneca has ongoing enforcement actions in Arkansas and Louisiana for
alleged non-compliance with each state's 340B statute.
* The US Court of Appeals for the Fifth Circuit affirmed summary judgment in
favor of Louisiana in February 2026. AstraZeneca has petitioned for rehearing.
* In Hawaii, the court denied AstraZeneca's motion for a preliminary
injunction in February 2026, which AstraZeneca has appealed.
Other
Additional government inquiries
As is true for most, if not all, major prescription pharmaceutical companies,
AstraZeneca is currently involved in multiple inquiries into drug marketing
and pricing practices. In addition to the investigations described above,
various law enforcement offices have, from time to time, requested information
from the Group. There have been no material developments in those matters.
Note 5: Subsequent events
In April 2026, AstraZeneca closed the previously announced new strategic
collaboration agreement with CSPC Pharmaceuticals (CSPC) to advance the
development of multiple next-generation therapies for obesity and type 2
diabetes across eight programmes. Under this agreement, the companies will
initially progress four programmes, which utilise CSPC's advanced AI-driven
peptide drug discovery platform and their proprietary LiquidGel once-monthly
dosing platform technology. AstraZeneca will pay an upfront payment of $1.2bn,
the majority of which will be capitalised within Intangible assets in Q2 2026.
CSPC is also eligible to receive development and regulatory milestones of up
to $3.5bn across all programmes. CSPC will also be eligible for further
commercialisation and sales milestones plus tiered royalties.
Note 6: Analysis of Revenue and Other operating income and expense
Table 25: Product Sales year-on-year analysis: Q1 2026
For the three months World US Emerging Markets Europe Established RoW
ended 31 March Change Change Change Change Change
$m Act % CER % $m Act % $m Act % CER % $m Act % CER % $m Act % CER %
Tagrisso 1,833 9 5 733 8 536 3 (1) 387 26 12 177 2 1
Imfinzi 1,694 34 30 954 31 187 32 28 383 52 34 170 22 22
Calquence 923 21 17 599 18 70 30 22 218 28 13 36 16 13
Lynparza 781 8 2 308 (1) 174 8 (1) 239 22 8 60 4 3
Enhertu 324 63 56 - - 216 59 54 64 48 29 44 n/m n/m
Zoladex 304 7 2 5 (2) 241 8 3 39 17 4 19 (10) (13)
Truqap 198 50 47 138 24 18 n/m n/m 31 n/m 99 11 n/m n/m
Imjudo 77 (5) (7) 49 (9) 6 28 24 13 20 6 9 (22) (22)
Datroway 1 n/m n/m - - 1 n/m n/m - - - - - -
Other Oncology 101 (8) (11) 2 (32) 72 (4) (8) 4 (23) (32) 23 (13) (12)
Oncology 6,236 19 15 2,788 16 1,521 15 10 1,378 34 18 549 13 12
Farxiga 2,193 7 (1) 449 17 924 6 (2) 778 14 - 42 (65) (67)
Crestor 354 12 8 8 (28) 314 15 11 - - - 32 - 1
Brilinta 105 (65) (67) 14 (92) 76 3 (2) 13 (77) (79) 2 (37) (43)
Lokelma 199 30 26 79 14 45 47 41 41 59 43 34 23 24
Seloken 180 12 7 - - 174 12 7 5 10 10 1 (12) (20)
roxadustat 43 (45) (47) - - 43 (45) (47) - - - - - -
Wainua 51 29 28 45 15 2 n/m n/m 3 n/m n/m 1 - -
Other CVRM 115 (16) (20) (2) n/m 75 5 1 28 (27) (33) 14 (7) (7)
CVRM 3,240 - (6) 593 (14) 1,653 7 - 868 8 (5) 126 (37) (38)
Symbicort 747 3 (1) 290 4 226 (3) (7) 152 12 - 79 4 (1)
Fasenra 483 15 11 256 3 46 70 63 129 25 10 52 34 31
Breztri 353 18 13 149 1 115 28 22 64 55 37 25 25 22
Tezspire 149 73 58 - - 20 n/m n/m 95 68 50 34 46 45
Saphnelo 171 25 24 142 18 5 67 61 17 88 66 7 53 52
Pulmicort 149 (6) (11) 2 (17) 122 (4) (9) 17 (11) (21) 8 (15) (18)
Airsupra 37 31 31 33 18 4 n/m n/m - - - - - -
Other R&I 61 (37) (40) 8 (81) 27 (36) (37) 24 81 68 2 (8) (12)
R&I 2,150 10 6 880 2 565 7 2 498 32 17 207 19 15
Beyfortus 24 (19) (18) 23 (18) - - - 1 n/m n/m - - -
FluMist 8 n/m n/m - - - - - - - - 8 n/m n/m
Other ID 58 (49) (53) - n/m 40 (52) (56) 15 (42) (49) 3 (41) (41)
ID* 90 (37) (41) 23 (15) 40 (52) (55) 16 (40) (47) 11 67 55
Ultomiris 1,270 21 18 679 12 103 98 93 298 31 16 190 14 14
Soliris 389 (12) (14) 216 (25) 113 73 67 32 (42) (49) 28 (19) (21)
Strensiq 517 47 43 407 53 49 44 18 32 20 6 29 13 13
Koselugo 170 24 15 42 (21) 61 54 39 49 45 28 18 69 69
Other Rare Disease 74 28 18 28 7 21 47 21 20 32 16 5 n/m n/m
Rare Disease 2,420 19 15 1,372 11 347 69 57 431 20 6 270 13 13
Other Medicines 250 (7) (9) 23 22 192 (7) (9) 15 (23) (30) 20 (15) (17)
Total Medicines 14,386 12 7 5,679 9 4,318 11 5 3,206 22 8 1,183 5 4
The table provides an analysis of year-on-year Product Sales, with Actual and
CER growth rates reflecting year-on-year growth.
* ID: Infectious Disease
Table 26: Alliance Revenue: Q1 2026
For the three months ended 31 March 2026 2025
$m $m
Enhertu 508 398
Tezspire 154 130
Beyfortus 91 82
Datroway 42 4
Other royalty revenue 29 24
Other Alliance Revenue 1 1
Total 825 639
Table 27: Collaboration Revenue: Q1 2026
For the three months ended 31 March 2026 2025
$m $m
Farxiga: sales milestones 44 74
Crestor: sales milestones 32 -
Other Collaboration Revenue 1 -
Total 77 74
Table 28: Other operating income and expense: Q1 2026
For the three months ended 31 March 2026 2025
$m $m
Total 189 113
Other shareholder information
Financial calendar
- Announcement of H1 and Q2 2026 results: 27 July 2026
Dividend payment dates
Dividends are normally paid as follows:
- First interim: Announced with the half-year results and paid in
September
- Second interim: Announced with the full-year
results and paid in March
Dividend dates
Dividend Announced Ex-dividend date(1): Ex-dividend date(1): Record date Payment date
LSE, Nasdaq Stockholm NYSE
FY 2026 First interim(2) 27 Jul 2026 6 Aug 2026 7 Aug 2026 7 Aug 2026 8 Sep 2026
The completion of cross-border movements of shares by intermediaries between
the London Stock Exchange, Nasdaq Stockholm and the New York Stock Exchange is
subject to the receiving broker identifying and confirming such movements.
Where a cross-border movement of shares is initiated but not completed by the
relevant dividend record dates (provisionally, 7 August 2026), the dividend
in respect of those shares will be received in the originating market on the
relevant dividend payment date.
Accordingly, shareholders are advised not to initiate any cross-border
movements of shares during the period from 5 August 2026 to 7 August 2026
(inclusive) in respect of the FY 2026 First interim dividend(2).
1. The ex-dividend dates for the principal markets differ due to the
different settlement cycles currently applicable for shares trading on the
London Stock Exchange, Nasdaq Stockholm and the New York Stock Exchange.
Shareholders should consider the applicable ex-dividend date for the
securities they hold in each market.
2. Provisional dates, subject to Board approval.
Contact details
For Investor Relations contacts, click here
(https://www.astrazeneca.com/investor-relations.html#Contacts) . For Media
contacts, click here (https://www.astrazeneca.com/media-centre/contacts.html)
.
Addresses for correspondence
Registered office UK Registrar and Transfer Office Swedish Central Securities Depository US Registrar and Transfer Agent
1 Francis Crick Avenue Computershare Investor Services PLC Euroclear Sweden AB Computershare Investor Services
Cambridge Biomedical Campus The Pavilions PO Box 191 PO Box 43078
Cambridge Bridgwater Road SE-101 23 Stockholm Providence
CB2 0AA Bristol RI, 02940-3078
BS99 6ZZ
UK UK Sweden US
+44 (0) 20 3749 5000 0800 707 1682 (UK only) +46 (0) 8 402 9000 +1 (888) 697 8018 (US only)
+44 (0) 370 707 1682 +1 (781) 575 2844
Trademarks
Trademarks of the AstraZeneca group of companies appear throughout this
document in italics. Medical publications also appear throughout the document
in italics. AstraZeneca, the AstraZeneca logotype and the AstraZeneca symbol
are all trademarks of the AstraZeneca group of companies. Trademarks of
companies other than AstraZeneca that appear in this document include:
Beyfortus, a trademark of Sanofi Pasteur Inc.; Enhertu and Datroway,
trademarks of Daiichi Sankyo; Seloken, owned by AstraZeneca or Taiyo Pharma
Co., Ltd (depending on geography); Synagis, owned by AstraZeneca or Sobi aka
Swedish Orphan Biovitrum AB (publ). (depending on geography); and Tezspire, a
trademark of Amgen, Inc.
Information on or accessible through AstraZeneca's websites, including
astrazeneca.com (https://www.astrazeneca.com/) , does not form part of and is
not incorporated into this announcement.
AstraZeneca
AstraZeneca (LSE/STO/NYSE: AZN) is a global, science-led biopharmaceutical
company that focuses on the discovery, development, and commercialisation of
prescription medicines in Oncology, Rare Diseases, and BioPharmaceuticals,
including Cardiovascular, Renal & Metabolism, and Respiratory &
Immunology. Based in Cambridge, UK, AstraZeneca's innovative medicines are
sold in more than 125 countries and used by millions of patients worldwide.
Please visit astrazeneca.com (https://www.astrazeneca.com/) and follow the
Company on Social Media @AstraZeneca
(https://www.linkedin.com/company/astrazeneca) .
Cautionary statements regarding forward-looking statements
In order, among other things, to utilise the 'safe harbour' provisions of the
US Private Securities Litigation Reform Act of 1995, AstraZeneca (hereafter
'the Group') provides the following cautionary statement:
This document contains certain forward-looking statements with respect to the
operations, performance and financial condition of the Group, including, among
other things, statements about expected revenues, margins, earnings per share
or other financial or other measures. Although the Group believes its
expectations are based on reasonable assumptions, any forward-looking
statements, by their very nature, involve risks and uncertainties and may be
influenced by factors that could cause actual outcomes and results to be
materially different from those predicted. The forward-looking statements
reflect knowledge and information available at the date of preparation of this
document and the Group undertakes no obligation to update these
forward-looking statements. The Group identifies the forward-looking
statements by using the words 'anticipates', 'believes', 'expects', 'intends'
and similar expressions in such statements. Important factors that could cause
actual results to differ materially from those contained in forward-looking
statements, certain of which are beyond the Group's control, include, among
other things:
- the risk of failure or delay in delivery of pipeline or launch of new
medicines
- the risk of failure to meet regulatory or ethical requirements for
medicine development or approval
- the risk of failures or delays in the quality or execution of the Group's
commercial strategies
- the risk of pricing, affordability, access and competitive pressures
- the risk of failure to maintain supply of compliant, quality medicines
- the risk of illegal trade in our Group's medicines
- the risk of reliance on third-party goods and services
- the risk of failure in IT or cybersecurity
- the risk of failure of critical processes
- the risk of failure to collect and manage data and AI in line with legal
and regulatory requirements and strategic objectives
- the risk of failure to attract, develop, engage and retain a diverse,
talented and capable workforce
- the risk of failure to meet our sustainability targets, regulatory
requirements or stakeholder expectations with respect to the environment
- the risk of failure to meet regulatory and ethical expectations on
commercial practices, including anti-bribery/ anti-corruption, anti-fraud and
scientific exchanges
- the risk of the safety and efficacy of marketed medicines being questioned
- the risk of adverse outcome of litigation and/or governmental
investigations
- intellectual property-related risks to the Group's products
- the risk of failure to achieve strategic plans or meet targets or
expectations
- the risk of geopolitical and/or macroeconomic volatility disrupting the
operation of our global business
- the risk of failure in internal control, financial reporting or the
occurrence of fraud
- the risk of unexpected deterioration in the Group's financial position.
Glossary
1L, 2L, etc First line, second line, etc
AACR American Association for
Cancer Research
aHUS Atypical haemolytic
uraemic syndrome
ALK Anaplastic lymphoma
kinase gene
ATTR / -CM / -PN Transthyretin-mediated amyloid / cardiomyopathy /
polyneuropathy
AUC Area under the curve
BTKi Bruton tyrosine
kinase inhibitor
CER Constant exchange
rates
CI Confidence
interval
CKD Chronic kidney
disease
CLL Chronic
lymphocytic leukaemia
CN China
COPD Chronic obstructive
pulmonary disease
CRSwNP Chronic rhinosinusitis with nasal
polyps
CSPC Castration-sensitive
prostate cancer
CSA-AKI Cardiac surgery-associated
acute kidney injury
CVRM Cardiovascular, Renal and
Metabolism
EBITDA Earnings before interest,
tax, depreciation and amortisation
EGFR / m Epidermal growth factor receptor
gene / mutation
EGPA Eosinophilic
granulomatosis with polyangiitis
EPS Earnings per share
ERBB2 v-erb-b2 avian
erythroblastic leukemia viral oncogene homologue 2
EU Europe (in
financial tables) or European Union
EVH Extravascular
haemolysis
FDC Fixed dose
combination
FEV Forced expectorant
volume
FLOT Fluorouracil,
oxaliplatin and docetaxel
FY Full year /
Financial year
GAAP Generally Accepted
Accounting Principles
GEJ Gastro oesophageal
junction
GI Gastrointestinal
gMG Generalised myasthenia
gravis
GU Genito-urinary
GYN Gynecological
HCC Hepatocellular
carcinoma
HER2 / +/- /low /m Human epidermal growth factor receptor 2 gene / positive
/ negative / low expression / mutant
HF/ pEF / rEF Heart failure / with preserved ejection
fraction / with reduced ejection fraction
HPP Hypophosphatasia
IAS / B International Accounting
Standards / Board
ICS Inhaled
corticosteroid
ID Infectious
Disease
IFRS International
Financial Reporting Standards
IgAN Immunoglobulin A
neuropathy
IHC Immunohistochemistry
IL-5, IL-33, etc Interleukin-5, interleukin-33, etc
IO Immuno-oncology
ISH In situ
hybridization
JP Japan
KRAS / m Kirsten rat sarcoma gene / mutation
LABA Long-acting beta-agonist
LAMA Long-acting
muscarinic-agonist
MCL Mantle cell lymphoma
MET Mesenchymal-epithelial
transition
n/m Growth rate not
meaningful
NF1 Neurofibromatosis type
1
NMOSD Neuromyelitis optica spectrum
disorder
NRDL National reimbursement
drug list
NSCLC Non-small cell lung cancer
PARP Poly ADP ribose
polymerase
PFS Progression free
survival
PNH Paroxysmal nocturnal
haemoglobinuria
PR Partial responce
R&I Respiratory
& Immunology
SC Subcutaneous
SEC Securities Exchange
Commission (US)
SG&A Sales, general and
administration
SGLT2 Sodium-glucose
cotransporter 2
SLE Systemic lupus
erythematosus
TACE Transarterial
chemoembolisation
TNBC Triple negative breast
cancer
VBP Volume-based
procurement
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